Business
Full Year Trading Update
Full Year Trading Update.
About this update from Luceco Plc
[{"type":"text","content":"\n \nRNS Number : 0715B Luceco PLC 28 January 2020 \n\n \nLuceco plc\n \n28 January 2020\n \nFull Year Trading Update\n2019 & 2020 profits expected to be ahead of market expectations\n \nLuceco plc (the \"Group\" or \"Luceco\"), today announces its trading update for the year ended 31 December 2019. Luceco is a leading manufacturer and distributor of high quality and innovative wiring accessories, LED lighting and portable power products for a global customer base.\n \nHighlights\n \n· 2019 Revenue of £172.0m (2018: £163.9m):\n \no Revenue growth of 4.9%.\n \no Slower growth in H2 2019 as expected reflecting tougher comparatives and more hesitant UK demand caused by political & economic uncertainty.\n \no Healthy growth overseas, particularly in Europe.\n \n· 2019 Adjusted Operating Profit expected to be in the range of £17.5m to £18.0m (2018: £8.5m):\n \no Strong profit growth in H2 2019 from further gross margin expansion and diligent control of overheads.\n \no 2019 Adjusted Operating Margin in the range of 10.2% to 10.5% (2018: 5.2%).\n \n· Strong cash conversion:\n \no 2019 Adjusted Free Cash Flow of approximately £18.0m (2018: £7.7m).\n \no Closing net debt of approximately 1.0x Adjusted LTM EBITDA (2018: 2.21x), comfortably at the lower end of the Group's targeted range of 1.0 - 2.0x.\n \n· Confident of further improvement in performance in 2020:\n \no Expect 2020 Adjusted Operating Profit in the range of £20.5m to £21.5m.\n \n· 2019 full year results to be announced on 31 March 2020.\n \nJohn Hornby, Chief Executive Officer, said:\n \n\"The Group has made strong progress on a number of fronts in 2019 thanks to the hard work and dedication of the entire Luceco team. Our continued focus on margin expansion and cash generation against the backdrop of tough UK market conditions has more than doubled the Group's profits and halved the Group's leverage in 2019. A more certain UK political environment should yield better market conditions in 2020, but we are not building this into our expecta...